Financial Crime
Financial crime: it's a crime! Protect your data
The Financial Conduct Authority (FCA) protects consumers from financial crime by setting strict regulatory standards, supervising firm compliance, and taking direct enforcement action against illegal activities.
But if you access financial institutions like banks, pension providers, ISA providers, insurers etc via an App on your mobile phone or tablet, or you login online to access their services, your personal data could be at risk.
Obviously, UK financial institutions have the strictest governance around online access, with layers of security (logins, passwords, memorable names, pin numbers etc) so unless you have shared this information, it is highly unlikely anyone else could access your accounts.
However, there are other ways you can protect access – perhaps some of the companies you deal with have already asked you to set up Multi-Factor Authentication (MFA).
MFA provides an extra layer of protection on your account and personal information. To use MFA you will have to install an authenticator App on your mobile device. The App generates a secure 6-digit code which you will use to login. The code changes frequently (around every 30 seconds).
There are a few different authenticator Apps to choose from:
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Google Authenticator
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Microsoft Authenticator
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Authy (by Twilio)
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Okta Verify
There are other ways you can protect your online access too, like using facial or fingerprint recognition (if your mobile device allows this), or using a Passkey.
A passkey is a secure, digital credential that lets you sign in to websites and Apps using your device's fingerprint scan, facial recognition, or screen PIN.
How Passkeys Work
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Key Pair: A passkey creates two linked cryptographic pieces. One private key stays safely locked on your phone, computer, or security key. The other public key is saved on the website's server.
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Verification: When you log in, your device uses a quick biometric check (like Face ID or a fingerprint) to prove you own the private key.
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No Sharing: The server never sees or stores your private key.
Why They Are Better Than Passwords
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Phishing-Proof: A passkey is tied to a specific website domain. If you visit a fake or scam website, your device will refuse to send the passkey because the web address does not match.
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No Breaches to Fear: Because websites do not store your actual password or private key, a hacker cannot steal your credentials even if a company's database gets hacked.
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No Memorisation Needed: You do not have to invent, remember, or write down long, complex passwords for every single account.